GILD - Gilead Sciences Inc. (GILD) Q1 2024 Earnings Call Transcript
2024-04-25 20:26:05 ET
Gilead Sciences, Inc. (GILD)
Q1 2024 Earnings Conference Call
April 25, 2024, 04:30 PM ET
Company Participants
Jacquie Ross - Vice President, Investor Relations
Daniel O'Day - Chairman and Chief Executive Officer
Johanna Mercier - Chief Commercial Officer
Merdad Parsey - Chief Medical Officer
Andrew Dickinson - Chief Financial Officer
Cindy Perettie - Executive Vice President, Kite
Conference Call Participants
Chris Schott - JPMorgan
Daina Graybosch - Leerink Partners
Umer Raffat - Evercore ISI
Tyler Van Buren - TD Cowen
Geoff Meacham - Bank of America
Michael Yee - Jefferies
Salveen Richter - Goldman Sachs
James Shin - Deutsche Bank
Mohit Bansal - Wells Fargo
Simon Baker - Redburn Atlantic
Brian Abrams - RBC Capital Markets
Terence Flynn - Morgan Stanley
Carter Gould - Barclays
Presentation
Operator
Good afternoon, everyone, and welcome to Gilead's First Quarter 2024 Earnings Conference Call. My name is Rebecca, and I'll be your host for today. In a moment, we'll begin our prepared remarks. [Operator Instructions] I'll now hand the call over to Jacquie Ross, VP, Investor Relations and Corporate Strategic Finance.
Jacquie Ross
Thank you, Rebecca. Just after market closed today, we issued a press release with earnings results for the first quarter of 2024. The press release, slides and supplementary data are available on the Investors section of our website at gilead.com. The speakers on today's call will be our Chairman and Chief Executive Officer, Daniel O'Day; our Chief Commercial Officer, Johanna Mercier; our Chief Medical Officer, Merdad Parsey; and our Chief Financial Officer, Andrew Dickinson. After that, we'll open Q&A where the team will be joined by Cindy Poretti, the Executive Vice President of Kite.
Before we get started, let me remind you that we will be making forward-looking statements. Please refer to Slide 2 regarding the risks and uncertainties relating to forward-looking statements that could cause actual results to differ materially.
With that, I'll turn the call over to Dan.
Daniel O'Day
Thank you Jacquie, and good afternoon, everyone. I want to start by thanking the Gilead teams for delivering a strong first quarter, which you see in our commercial performance and our clinical execution.
Total product sales, excluding Veklury grew 6% year-over-year to $6.1 billion, driven by higher demand across HIV, oncology and liver disease. Veklury sales continue to track with the rates of hospitalization for COVID-19 and reached a total of 555 million.
Once again, sales growth for the quarter reflected the diversity of our portfolio, HIV product sales grew 4% year-over-year. Oncology product sales were up 18%, driven by Trodelvy, which is well established as the number one regimen for second-line metastatic triple-negative breast cancer and by our transformative cell therapies....
Gilead Sciences, Inc. (GILD) Q1 2024 Earnings Call Transcript